Saks Fifth Avenue 2011 Annual Report Download - page 85

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SAKS INCORPORATED & SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
FOR THE YEAR ENDED JANUARY 29, 2011
Saks
Incorporated
Guarantor
Subsidiaries Eliminations Consolidated
OPERATING ACTIVITIES
Net income ........................................ $ 47,846 $ 78,441 $ (78,441) $ 47,846
Income from discontinued operations ................... 450 450 (450) 450
Income from continuing operations ..................... 47,396 77,991 (77,991) 47,396
Adjustments to reconcile net income to net cash provided by
(used in) operating activities:
Equity in earnings of subsidiaries ..................... (77,991) 77,991 —
Loss on extinguishment of debt ...................... 4 4
Depreciation and amortization ....................... 118,696 118,696
Stock-based compensation .......................... 16,766 16,766
Amortization of discount on convertible notes .......... 11,910 11,910
Deferred income taxes ............................. 2,220 15,134 17,354
Impairments and dispositions ....................... (2,814) (2,814)
Excess tax benefit from stock-based compensation ...... (9,793) (9,793)
Gain on sale of property and equipment ............... (482) (482)
Changes in operating assets and liabilities, net .......... 69 (74,725) (74,656)
Net cash provided by (used in) operating activities -
continuing operations .............................. (16,392) 140,773 — 124,381
Net cash used in operating activities - discontinued
operations ....................................... (500) (500)
NET CASH PROVIDED BY (USED IN) OPERATING
ACTIVITIES ...................................... (16,392) 140,273 — 123,881
INVESTING ACTIVITIES
Purchases of property and equipment ................... (55,721) (55,721)
Proceeds from the sale of property and equipment ........ 548 548
Net cash used in investing activities - continuing
operations ....................................... — (55,173) — (55,173)
Net cash used in investing activities - discontinued
operations ....................................... — —
NET CASH USED IN INVESTING ACTIVITIES ............... — (55,173) — (55,173)
FINANCING ACTIVITIES
Intercompany borrowings, contributions and distributions . . 92,507 (92,507) —
Payments of long-term debt ........................... (23,654) (23,654)
Payments of capital lease obligations ................... (5,481) (5,481)
Excess tax benefit from stock-based compensation ........ 9,793 9,793
Cash dividends paid ................................. (102) (102)
Net proceeds from the issuance of common stock ......... 1,301 1,301
Net cash provided by (used in) financing activities -
continuing operations .............................. 70,052 (88,195) — (18,143)
Net cash used in financing activities - discontinued
operations ....................................... — —
NET CASH PROVIDED BY (USED IN) FINANCING
ACTIVITIES ........................................ 70,052 (88,195) — (18,143)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS . . . 53,660 (3,095) — 50,565
CASH AND CASH EQUIVALENTS AT BEGINNING OF
PERIOD ........................................... 136,347 10,954 — 147,301
CASH AND CASH EQUIVALENTS AT END OF PERIOD ....... $ 190,007 $ 7,859 $ — $ 197,866
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